State Bank of Pakistan (SBP) said that The country’s current account deficit, in the first four months of the current fiscal year, shrank by a massive 73.5 per cent to $1.5 billion.

State Bank of Pakistan (SBP), in a statement, said that the improvement reflected a notable reduction in imports, a modest growth in exports and steady workers’ remittances.

The statement further said that FBR tax collections grew 16.2 percent during the first four months of the fiscal year-2020 as compared to 6.4 percent during the same period last year. While inflation rose by 1.8 per cent in October-2019.

It further added “On account of favorable balance of payment developments, the rupee has appreciated 5.6 percent since its low in June 2019.” Since the beginning of the fiscal year, gross reserves have risen by $1.16 billion through November 15 and the SBP has reduced its foreign currency swaps by $1.95 billion through end of October.